Earlier in the year, Wall Street was mostly bearish about the U.S. economic outlook with many warning of a looming recession. Not surprisingly, many oil punters expected oil demand to crash as unemployment rose and companies cut output thanks to aggregate demand falling.
Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 10.6 million barrels for the week to August 25.
Oman has an importance to China and Iran that goes way beyond its relatively small oil and gas reserves (only around five billion barrels of oil reserves and about 24 trillion cubic feet of gas).
Petroliam Nasional Bhd (Petronas) is keenly waiting for Argentina’s Congress to complete the legislative process of a law relating to the liquefied natural gas (LNG) industry before deciding whether to proceed with its plans to collaborate with the Latin American nation’s state-controlled energy firm YPF S.A. on an LNG project.
Crude oil theft may have cost the country a whopping N1.9tn revenue loss in July, according to analysis by The PUNCH.
U.S. oil producer Chevron on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia.
Kuwait is planning to extend a Jurassic gas contract awarded to US service firm SLB, local media reported.
Crude oil prices extended the gains they’d made on Tuesday today as traders watched Hurricane Idalia approach the Gulf Coast and the American Petroleum Institute surprised the market with a massive inventory draw.
Concern about a seismic change in the U.S. shale industry with shareholder returns prioritized over spending on production has plagued analyst and banker circles for over a year.
U.S. House Speaker Kevin McCarthy has revealed he plans to promote U.S. natural gas exports at an upcoming G7 meeting. McCarthy will frame his agenda in the context of Europe buying more U.S. gas as a way for the continent to wean itself off Russian gas following its war in Ukraine.